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Arcosa, Inc. Announces Record Second Quarter 2025 Results

• Revenue Growth of 18% and Adjusted EBITDA Expansion of 42%, Excluding Divestiture, Highlights Success of Portfolio Transformation
• Record Adjusted EBITDA Margin of 20.9%, up 360 Basis Points
• Key Strategic Growth Businesses Performing Well with 15% Cash Unit Profitability Growth in Aggregates and Record Backlog in Utility Structures

DALLAS--(BUSINESS WIRE)-- Arcosa, Inc. (NYSE: ACA) (鈥淎rcosa,鈥� the 鈥淐ompany,鈥� 鈥淲e,鈥� or 鈥淥ur鈥�), a provider of infrastructure-related products and solutions, today announced results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights

Antonio Carrillo, President and Chief Executive Officer, commented, 鈥淭his was a record quarter for Arcosa in many respects and highlights the impact of recent strategic actions we have taken to enhance our growth businesses, reduce our cyclicality, and expand margin. In recognition of our portfolio shift, we have expanded our disclosures around our key growth businesses, construction materials and utility structures.

鈥淥ne year ago, we announced our plan to acquire Stavola, an aggregates-led construction materials company. This quarter we clearly see the accretive impact of the acquisition, which increased Arcosa's consolidated revenues by 14% and consolidated Adjusted EBITDA margin by 250 basis points. Stavola has accelerated the growth of our construction materials platform, contributing to the 13% increase in gross profit for our aggregates business and 15% improvement in Aggregates Adjusted Cash Gross Profit per Ton.

鈥淓ngineered Structures also delivered strong results, achieving record top-line and Adjusted Segment EBITDA margin driven by strong execution in utility structures and higher wind tower volumes. The U.S. grid is facing an extended period of load growth, requiring significant additions to power generation capacity, all of which needs to be connected to the grid. These tailwinds are creating strong underlying demand reflected in record second quarter backlog for our utility structures business.

鈥淥ur barge business is performing in line with expectations and order activity is healthy. Including orders placed after quarter-end, we have solidified our 2025 production plans, and our backlog for both hopper and tank barges now extends into 2026.鈥�

Carrillo concluded, 鈥淲e generated $61 million of operating cash flow during the quarter and ended with Net Debt to Adjusted EBITDA of 2.8 times, both a sequential improvement from the first quarter. We continue to prioritize deleveraging following the Stavola acquisition and are on track to reach our target leverage range of 2.0-2.5 times within the next three quarters, consistent with our stated goal.鈥�

2025 Outlook and Guidance

The Company is tightening the range for its full year 2025 guidance, resulting in no change to the mid-point of the range for consolidated revenue and Adjusted EBITDA:

• Consolidated revenues range of $2.85 billion to $2.95 billion, compared to its previous guidance range of $2.8 billion to $3.0 billion.
• Consolidated Adjusted EBITDA range of $555 million to $585 million, compared to its previous guidance range of $545 million to $595 million.
• Guidance range includes the direct impact of tariffs, as currently outlined, which is expected to be immaterial.

鈥淎rcosa remains on track for strong growth in 2025. Our U.S.-focused operations are well-aligned with long-term infrastructure and power market tailwinds. Given healthy overall demand in our growth businesses along with solid backlog visibility in our cyclical businesses, we are tightening our guidance range while maintaining the mid-point, to reflect increased confidence in our overall outlook,鈥� concluded Mr. Carrillo.

Second Quarter 2025 Results and Commentary

All comparisons are versus the prior year quarter unless noted otherwise.

Construction Products

• Revenues increased 28% to a record $354.5 million driven by the contribution from the construction materials business of Stavola Holding Corporation and its affiliated entities (collectively 鈥淪tavola鈥�), acquired in October 2024, which added $90.3 million to revenues during the quarter.
• Organic revenues declined 4% as higher pricing was offset by lower volumes, which were impacted by wet weather throughout the quarter, a decrease in freight revenue, and a reduction in revenue from several small divestitures completed in the prior period.
• Adjusted Segment EBITDA increased 44% to a record $100.4 million and Adjusted Segment EBITDA Margin increased 310 basis points to 28.3% from 25.2% in the prior period. Freight-Adjusted Segment EBITDA Margin was 31.0% compared to 28.0% in the prior period.
• Stavola contributed $35.2 million to Adjusted Segment EBITDA during the quarter and increased Adjusted Segment EBITDA Margin by 360 basis points.
• On an organic basis, Adjusted Segment EBITDA decreased 6% and Adjusted Segment EBITDA Margin decreased slightly primarily due to the decline in revenues and lower cost absorption from reduced volumes.
• Within aggregates, total volumes increased 6% and Aggregates Freight-Adjusted Average Sales Price increased 8%, resulting in Aggregates Adjusted Cash Gross Profit per Ton growth of 15%.
• Depreciation, depletion, and amortization expense increased $12.4 million, or 42%, primarily due to the acquisition of Stavola.

Engineered Structures

• Revenues increased 7% to $293.0 million primarily due to higher volumes from the fully ramped New Mexico wind towers facility. Revenues for utility and related structures decreased 2% as higher volumes and improved product mix were offset by the impact of lower steel prices.
• Adjusted Segment EBITDA increased 31% to $54.8 million due to significant organic growth across our businesses. Margin expanded 350 basis points to a record 18.7% due to improved product mix and operating efficiencies in our utility and related structures business and higher wind tower volumes.
• The ongoing focus on grid hardening and reliability efforts and increased demand for electricity continue to drive strong order activity for our utility structures business. We ended the second quarter with a record backlog for utility and related structures of $450.0 million, up 9% from the start of the year.
• The backlog for our wind towers business at the end of the second quarter was $598.6 million, down 23% from the start of the year. We expect to deliver 30% of our current backlog during 2025 and the remainder through 2028. Following the passage of the budget reconciliation bill in July, order inquiry activity has increased as policy uncertainty has improved.

Transportation Products

• Prior period results included revenues and Adjusted EBITDA of $38.1 million and $4.4 million, respectively, for the steel components business, which was divested in August 2024.
• Revenues for our barge business increased 18% primarily due to higher tank barge deliveries, partially offset by lower hopper barge deliveries.
• Excluding the impact of the divested steel components business, Adjusted Segment EBITDA increased 10%, to $13.5 million, driven by higher tank barge deliveries.
• Adjusted Segment EBITDA Margin, excluding the divested steel components business, was 15.1% down from 16.2% in the prior period, in-line with expectations.
• During the quarter, we received barge orders totaling approximately $33 million primarily for hopper barges for 2025 delivery. For the first half of the year, the barge business recorded a book-to-bill of 1.0.
• Our barge backlog at the end of the quarter was $277.0 million, roughly flat with the start of the year. We expect to deliver approximately 57% of our current backlog during 2025.
• Third quarter order volume has increased, and we have currently received $122 million in additional orders. Backlog visibility has improved for hopper barges, now extending into 2026, and our line of sight for tank barges extends deep into the fourth quarter of next year.

Corporate and Other Financial Notes

• Excluding acquisition and divestiture-related costs, which have been excluded from Adjusted EBITDA, corporate expenses decreased to $14.9 million from $16.0 million in the prior period.
• Acquisition and divestiture-related costs were $0.5 million in the second quarter compared to $3.9 million in the prior period.
• Interest expense totaled $28.5 million, an increase of $17.1 million from the prior period driven by the additional debt incurred to finance the Stavola acquisition.
• The effective tax rate for the second quarter was 14.5% compared to 14.3% in the prior period.

Cash Flow and Liquidity

• Operating cash flow was $61.2 million during the second quarter, an increase of $22.9 million compared to the prior period, primarily due to higher earnings, partially offset by increased working capital.
• Working capital was a $75.6 million net use of cash for the quarter compared to the prior period's $49.3 million net use of cash. The increase in cash required for working capital was primarily due to higher receivables and inventories in-line with the increase to revenues.
• Capital expenditures in the second quarter were $27.8 million, compared to $47.6 million in the prior period.
• Free Cash Flow for the quarter was $39.2 million, up from $(6.1) million in the prior period.
• Net Debt to Adjusted EBITDA was 2.8x for the trailing twelve months, down slightly from 2.9x at the end of the first quarter, as we continue to make progress reducing our leverage following the Stavola acquisition.
• We ended the quarter with total liquidity of $889.7 million, including $189.7 million of cash and cash equivalents and full availability under our $700 million revolving credit facility.

Non-GAAP Financial Information

This earnings release contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (鈥淕AAP鈥�). Reconciliations of non-GAAP financial measures to the closest GAAP measure are included in the accompanying tables to this earnings release.

Conference Call Information

A conference call is scheduled for 8:30 a.m. Eastern Time on August 8, 2025 to discuss second quarter 2025 results. To listen to the conference call webcast, please visit the Investor Relations section of Arcosa鈥檚 website at . A slide presentation for this conference call will be posted on the Company鈥檚 website in advance of the call at . The audio conference call number is 800-723-6494 for domestic callers and 785-424-1619 for international callers. The conference ID is ARCOSA and the passcode is 10156. An audio playback will be available through 11:59 p.m. Eastern Time on August 22, 2025, by dialing 800-839-9324 for domestic callers and 402-220-6086 for international callers. A replay of the webcast will be available for one year on Arcosa鈥檚 website at .

About Arcosa

Arcosa, Inc. (NYSE:ACA), headquartered in Dallas, Texas, is a provider of infrastructure-related products and solutions with leading positions in construction, engineered structures, and transportation markets. Arcosa reports its financial results in three principal business segments: Construction Products, Engineered Structures, and Transportation Products. For more information, visit .

Some statements in this release, which are not historical facts, are 鈥渇orward-looking statements鈥� as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Arcosa鈥檚 estimates, expectations, beliefs, intentions or strategies for the future. Arcosa uses the words 鈥渁nticipates,鈥� 鈥渁ssumes,鈥� 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥渆xpects,鈥� 鈥渋ntends,鈥� 鈥渇orecasts,鈥� 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥済uidance,鈥� 鈥渙utlook,鈥� 鈥渟trategy,鈥� 鈥減lans,鈥� 鈥済oal,鈥� and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Arcosa expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, except as required by federal securities laws. Forward-looking statements are based on management鈥檚 current views and assumptions and involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to assumptions, risks and uncertainties regarding the failure to successfully complete or integrate acquisitions, including Ameron and Stavola, or divest any business, or failure to achieve the expected benefits of acquisitions or divestitures; market conditions and customer demand for Arcosa鈥檚 business products and services; the impact of Arcosa's level of indebtedness; the cyclical nature of, and seasonal or weather impact on, the industries in which Arcosa competes; competition and other competitive factors; governmental and regulatory factors; changing technologies; availability of growth opportunities; market recovery; ability to improve margins; the impact of inflation and costs of materials; impacts from the Inflation Reduction Act and One Big Beautiful Bill Act; the delivery or satisfaction of any backlog or firm orders; the impact of pandemics on Arcosa鈥檚 business; the impact of tariffs; and Arcosa鈥檚 ability to execute its long-term strategy, and such forward-looking statements are not guarantees of future performance. For further discussion of such risks and uncertainties, see 鈥淩isk Factors鈥� and the 鈥淔orward-Looking Statements鈥� section of 鈥淢anagement's Discussion and Analysis of Financial Condition and Results of Operations鈥� in Arcosa's Form 10-K for the year ended December 31, 2024 and as may be revised and updated by Arcosa's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

TABLES TO FOLLOW